Hanscom Federal Credit Union Review

Is Hanscom Federal Credit Union a good credit union?

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Hanscom Federal Credit Union

Hanscom Federal Credit Union offers a wide array of financial services to federal government workers and retirees living in Massachusetts. The credit union is open to all active or retired employees of the federal government in Massachusetts, as well as immediate family members and other family members living in their household. Once you become an HFCU member, you can remain a member for life.

In addition, the following people are also eligible:

  • Anyone working for an HFCU partner company
  • Active or retired military service members
  • An employee or retired federal employee of a federal government agency with a duty station in Massachusetts

Hanscom Federal Credit Union derives its name from Lawrence G. Hanscom, a pilot, journalist, and founder of the Massachusetts Civilian Air Reserve. He is the namesake for Hanscom Air Force Base and the Hanscom Field airport, both located near Bedford, Massachusetts.

HFCU operates 22 branches in Massachusetts, including six in Boston. Members also have access to shared branches with more than two dozen other credit unions in Massachusetts.

  • Pros and Cons
  • Company Overview
Pros and Cons
  • Full suite of services including banking, loans, insurance, and investing

  • Competitive interest rates

  • Mobile banking app with mobile check deposit

  • Vacation and holiday club accounts

  • Membership restricted largely to certain people in Massachusetts

  • Branches concentrated in the Boston area

  • High minimum balances required to get the best interest rates on savings accounts

Company Overview
  • Official Website www.hfcu.org/
  • Credit Union Product Offerings Checking accounts, savings accounts, money market account, share certificates (CDs), credit cards, traditional and roth IRAs, mortgages, home equity loans, auto loans, boat, motorcycle, and RV loans, personal loans, lines of credit, student loans, retirement planning and insurance
  • Customer Service Phone line available daily from 8:30 a.m. to 5 p.m. (1-800-656-4328)
  • Year Founded 1953

Who Is Hanscom Federal Credit Union Best For?

Hanscom Federal Credit Union is a good option if you live in Massachusetts, qualify for membership, and need a credit union that can handle all of your banking needs. From basic, fee-free accounts to high-balance, high-yield savings products, HFCU has several offerings for most types of customers and should serve you well if:

  • You prefer brick-and-mortar physical branches
  • Live in or around Boston
  • Receive paychecks via direct deposit

What Does Hanscom Federal Credit Union Offer?

Hanscom Federal Credit Union offers the following types of accounts and services in the U.S.:


  • Checking accounts
  • Savings accounts
  • Money market account
  • Share certificates (CDs)
  • Credit cards

All Hanscom Federal Credit Union bank accounts are insured up to $250,000 by the National Credit Union Administration. 

Checking Accounts

Account Name Fee APY
Free Checking Account None None
Premier Checking Account $9.95/month 0.10%
Free Kasasa Cash Checking None 1.00%
Free Kasasa Cash Back Checking None 2.00%

Free Checking

HFCU offers a basic checking account with no minimum balance, no monthly service fee, online bill pay, mobile deposits, and free checks. Account-holders also can gain access to direct deposit funds up to two days early, depending on the source and timing of the transaction. Up to 10 transactions per month at non-HFCU ATMs can be made without a fee from HFCU. The account pays no dividends.

Premier Checking

Customers who maintain an average daily balance of $2,000 in their Premier Checking account or $6,000 in all HFCU accounts combined can have the $9.95 monthly fee waived. The account also comes with all the perks of the Free Checking option, plus unlimited transactions at non-HFCU ATMs without having to pay a fee to HFCU.

Kasasa Cash Checking

Customers can earn an APY of 1.00% for balances ranging from 1 cent to $15,000 with a Kasasa Cash Checking account for each month that they meet three standards:

  • At least 12 debit or credit card purchases
  • At least one direct deposit
  • Active enrollment in receiving online statements instead of paper statements

Those who do not meet the qualifications earn an APY of 0.01% for that month. Balances beyond the first $15,000 earn an APY of 0.10%. Account-holders receive all the perks of the Free Checking option plus refunds on ATM withdrawals nationwide up to $20 monthly.

Kasasa Cash Back Checking

Instead of dividends determined by a 1.00% APY, the Kasasa Cash Back Checking account pays account holders 2% cash back on debit card purchases, up to $7 per month. Otherwise, the account has all the same qualifications and features as the Kasasa Cash Checking option.

To determine which account option is better for you, determine how much you spend with a debit card each month and how much of an average daily balance you expect to carry. To earn the maximum $7 monthly in the cash back account, you'd need to make at least $350 each month in debit card purchases. This is a better deal if you expect to carry an average daily balance of less than $8,400, which would pay the same $7 monthly dividend. Carrying a balance greater than that means the cash checking account, with a 1.00% APY, would be a better deal.

Savings Accounts

Account Name Fee APY
Primary Savings None 0.10%
Higher Yield Savings N/A 0.50%
Kasasa Saver N/A up to 1.00%
Secondary Savings N/A 0.10%

Primary Savings

HFCU offers a basic savings account with a minimum opening deposit of $25, no monthly fees, and a 0.10% APY, as of July 28, 2021. Customers with Primary Savings accounts have the same early access to direct deposit funds offered with checking accounts, if available.

Higher Yield Savings

Customers with $25,000 or more can choose the Higher Yield Savings account and earn a 0.50% APY, as of July 28, 2021, in addition to the same perks as a Primary Savings account.

Kasasa Saver

Kasasa Saver accounts have the highest earning potential—1.00% APY, as of July 28, 2021—on balances up to $50,000 if the account is tied to a Kasasa Cash or Kasasa Cash Back checking account that meets the following standards:

  • At least 12 debit or credit card purchases
  • At least one direct deposit
  • Active enrollment in receiving online statements instead of paper statements

Accounts that do not meet the standards earn an APY of 0.01% and balances greater than $50,000 earn 0.10% for each penny beyond $50,000.

Secondary Savings Accounts

HFCU also offers vacation and holiday savings accounts that can be opened for as little as $1 and earn an APY of 0.10%.

Money Market Account

Hanscom offers a money market account with interest rates that rise based on the account balance. To earn interest, accounts need a minimum of $2,000, and there are no monthly fees, as of July 28, 2021.

Money Market Rates
Balance APY %
Less than $2,000 0.00%
$2,000 to $9,999.99 0.10%
$10,000 to $24,999.99 0.20%
$25,000 to $49,999.99 0.25%
$50,000 to $74,999.99 0.25%
$75,000 or more 0.35%


HFCU offers CDs, which it refers to as share certificates, ranging in terms from 1 month to 60 months. The minimum deposit to open a CD is $1,000, with the exception of its EasyStart option, which can be opened for only $250 and renewed or closed monthly. APYs, as of July 28, 2021, range from 0.20% to 1.00%.

CD Rates
Term APY %
EasyStart 0.20%
3 to 5 months 0.20%
6 to 11 months 0.40%
12 to 17 months 0.50%
18 to 29 months 0.65%
19-month special 0.70%
30 to 59 months 0.70%
48 months 0.80%
60 months 1.00%

Credit Cards

HFCU offers multiple Mastercard credit cards with different features depending on your needs:

Cash Back Credit Card

  • CASH + REWARDS World Mastercard

No Annual Fee Credit Card

  • Platinum Mastercard

Secured Credit Card

  • Platinum Secured Mastercard

Other Financial Products From Hanscom Federal Credit Union

HFCU has a broad range of other offerings:

  • Traditional and Roth IRAs
  • Mortgages
  • Home equity loans
  • Auto loans
  • Boat, motorcycle, and RV loans
  • Personal loans and lines of credit
  • Student loans
  • Retirement planning and insurance

Hanscom Federal Credit Union Customer Service

HFCU has more than 20 branches, mostly in the Boston area, where customers can receive assistance. Automated phone service at 1-800-656-4328 can handle transactions such as fund transfers, loan payments, and more. To report a lost or stolen credit card outside the hours of 8:00 a.m.–5:30 p.m. Eastern Standard Time, call 1-614-564-5105.

How to Bank With Hanscom Federal Credit Union

To open an account with HFCU, visit hfcu.org. As with any financial institution, you need to provide personal information when opening a bank account.

Final Verdict


Hanscom Federal Credit Union offers a full array of banking services, allowing it to potentially be the only financial institution a customer needs. Its interest rates are reasonably competitive for a full-service bank, and it offers a number of different account options for those looking to save. The credit union also offers loan products including mortgages, home equity loans, auto loans, personal loans, and more. It’s also possible to invest and save for retirement through Hanscom.

People who live in the Boston area will find branches and ATMs plentiful. It also offers mobile banking with mobile check deposit.


Hanscom Federal Credit Union generally restricts memberships to federal employees in Massachusetts and their families. Most people living outside of the state are not eligible to join.

While the credit union has reasonably competitive interest rates, you may be able to find better rates elsewhere. Moreover, many of the best savings rates are restricted to those with high balances.